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New Credit Card Rules in Effect Monday

The content is accurate at the time of publication and is subject to change.

This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Beginning Monday, new credit card rules will be implemented to prevent banks from victimizing customers with underhanded schemes for profit.

With the new rules, credit card companies can no longer raise interest rates whenever possible. Before doing so, banks must first give consumers plenty of notice.

The new law, some sectors say, will prevent unfair practices and protect consumers' money.

Starting on February 22, credit card companies must allow 45 days notice to cardholders before hiking interest rates.

These companies must also give consumers more time, at least 21 days, to settle their bills.

There have been consumer groups that protest banks' practice of charging late fees if a payment was even just only an hour late. After that, the banks would charge consumers with a higher interest rate, sometimes twice the original rate.

This is one practice considered predatory, and seen as the biggest rip-off. Consumerists have noted that banks have been raking in millions of dollars because of this practice. With the new law, people are now saved from just paying the same amount they owned again and again.

But the biggest drawback is that it would be highly more difficult for people to secure credit cards. And if they do get one, they will get slapped with annual fees.

Analysts have all noted that because credit card companies expect to lose a lot of money with the new restrictions, they are devising new schemes to make up for the lost revenue.

Citigroup will soon charge annual fees to card holders who spend up to $2,400. This is just one of the many strategies banks will take just to recoup lost revenue. Some may even charge new fees, such as customer service fees, processing fees and others that are within the limits of the law.

Also, beginning Monday, credit card statements will show how long card holders can settle their debts if they only pay the minimum balance. Issuers should also give card holders 45 days before interest rates are increased. And, if the borrower is still having difficulty in settling the bills, an advice will be seen in the statement to get a credit counselor. Information on how and where to get their services will also be highlighted.

When you do get a counselor, you have to recognize and understand that this will definitely affect your credit score. Thus, it will be wise to get this counselor only if you really need it.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

With the Virgin / Barclaycard signature offer, there seems to be some consumer deception or maybe even outright fraud goin on. I decided to jump on this offer.. read all the info on it.. was approved for their platinum card, paid the fee, then was only awarded 10,000 points instead of the advertised 20,000. When i inquired about the less than advertised bonus points, Barclaycard claims only Signiture Visa cardmembers get the 20,000.. as a platinum cardholder, you don't qualify for that level of bonus, so you get 10k instead. Well, in their current ongoing promotions, it states plain as day that....
Applicants approved for the Visa Signature or Platinum Card with $49 annual fee will receive 20,000 Bonus Points awarded to your Virgin America Rewards Account at the close of the first billing statement in which you make your first purchase or balance transfer (that is not returned or rescinded) and have paid the Annual Fee on the account (and such fee is not rescinded).
They don't mention anything about a separate program for platinum cardholders.. However, trying to get someone to resolve this issue with either Virgin or Barclaycard seems to be rather impossible..
Seems to me they're simply drawing people in with the fraudulent offer, then simply saying, oh, we're sorry you don't qualify.. but thanks for signing up for our garbage credit card with insane fees..

CreditLandCom

Thank you for sharing your experience with us. We have reviewed this offer and you are correct, nowhere it is mentioned that 20,000 Bonus can become a 10,000 Bonus all of a sudden... We will mention this in our review of this card so others can make an informed decision.
Another way to get Virgin miles is to get an American Express charge card:
The Business Gold Rewards Card® now offers 50,000 Miles, though you do have to spend $5,000 in the first three months of card membership to get it. It also has $0 introductory annual fee for the first year, then $175.
http://www.credit-land.com/details/the-business-gold-rewards-card-from-american-express-open.php
Premier Rewards Gold Card now offers 25,000 Miles, though you do have to spend $2,000 during your first three months of Card membership. It also has annual fee of $0 for the first year, then $175.
http://www.credit-land.com/details/american-express-premier-rewards-gold-card.php
While we do not know If any of these offers make sense to you, we are at least sure that you will get advertised bonus in full if you decide to get them...
Conversion rates for Virgin America are:
100 Elevate Points =
200 Membership Rewards® Points
All the best.

Deborah Ellsworth

would very much like to start a new credit history by making payments on time I would tohave a credit card that is NOT PREPAYID! I don't need a card with a high limit just something to start a new credit history.
Thank You Deborah Ellsworth

Deborah Ellsworth

I would very much like to start a new credit line to get back on track. I DO NOT WANT A PREPAID CARD!! This new credit card if I am approved does not have to hace a high limit just something for me to start over again and prove myself
ThankYou.
D Ellsworth

Miss Edna

there is a huge problem with the RFIP chip: it is easily compromised. There are already 'readers' in the form of what looks like a cellphone in a case, that scans all the info in the chip by merely walking near a person -- this 'reader' penetrates leather, cloth, spandex, etc. The only thing it will NOT penetrate is METAL. Perhaps one has seen commercials touting metal credit card cases. Here is my hint for a free fix: cut a piece of aluminum foil or use the foil that is used to keep foods fresh, like coffee. Cut it so that when folded once, it forms a sleeve for your credit card. place the credit card in the sleeve, then place the sleeve in your wallet.

Robin Parks

I am looking to apply for the AARP Visa signature card from Chase that offers $100 after spend $500 in first 3 months, no annual fee and 0% interest first year; I don't want to mail in offer because of having to write in Social security #. Can you direct me to the proper on-line site?

Once you have applied, you should receive a letter within 10 business days letting you know if you were approved and when your card will arrive. If you did not receive any letter or notification from the issuer, you should contact them directly. Also, you should contact the issuer if you’ve been waiting for your credit card longer than 30 days.
Since we are not a bank and don’t issue credit cards, we cannot give you any information about your application or credit card.

SavingStar

Thank you for posting about SavingStar. Just to clarify one sentence in your article, we have over 5 million members (not 500). Thanks, Josh

CreditLandCom

Sorry for the misprint. We’ve corrected the sentence. Thank you for noticing that.

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Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank about the terms & conditions.

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